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Money Management Accounts

Setting Yourself Up for Financial Freedom



Money management accounts. The fastest way to achieve financial freedom is to set up multiple systems for money management and creation.

Do you really want financial freedom? Well of course, who doesn't? And personal money management is the best way to achieve this goal.

In order to achieve financial freedom, and to start generating wealth, it will be helpful for you to create several money management accounts. The income you earn, no matter how much or how little, is the key to financial independence.

In order to properly manage your income, you need to divide your income into a variety of areas. A spending account and a savings account are just not enough. I want to teach you how to separate your income into several areas to ensure that you are headed in the direction of financial freedom.

There are 5 money management accounts that you need to create. I know that five may seem a little extravagant, but let me explain. The first two are pretty obvious, and you may already be contributing into these accounts. They are your spending account and your long term savings account. This makes sense, we all need money to spend and we all know that saving is an essential factor for long term financial success.

But here is where this proven routine may differ from the one you have always utilized. In addition to your spending and savings account, there is your fun money account (yeah, fun money), your long term investment account, and your give account.

These different money management accounts may be new to you, so let me explain. Your fun account should equal your saving account. The only difference is that your savings account never gets touched, while your fun money account gets spent every month. You should use this money to treat yourself to something nice, a dinner, a vacation, whatever. The point is that without a fun money account that you can use however you want, your money management efforts will not be fun, and you may end up breaking your plan.

In addition to this, you must also set up an investment account and a give account. The investment account is saved for a great opportunity. Unlike your savings which is piled up indefinitely, your investment account is used to create passive income. This may include starting a home business, buying real estate, investing in low risk investments, or buying vending machines or rental property. This is money that will one day make you even more money.

The last account is your give account. This money is reserved for giving. The give account can be used however best suits you, but the idea is to give unconditionally to others who need the money more. It is in essence a charity account, and that money should be given away to the less fortunate without any expectation for return. You may not feel that this will benefit you, but it will. You get what you receive, and by giving regularly, you will be ready to receive much more. It is a habit that will benefit you in the long run.

And there you have it, 5 money management accounts that will forever change you financial life. By properly managing your money, you will be setting yourself up to handle greater and greater amounts of wealth.



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